Tag: FTX

FTX just imploded, and Jack Dorsey wants to talk about the next stage for crypto?

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It’s barely been a decade since the launch of Web3, and some are already talking about the next generation of the web Web5.  The concept of Web5 first emerged earlier this year with Jack Dorsey’s announcement about plans to build a decentralized web on Bitcoin’s blockchain through Block subsidiary TBD. According to Dorsey’s TBD white paper, Web5 will be “a trustless, decentralized internet platform where users own their data” as opposed to Web3, which is mostly centered around Ethereum and a select few centralized blockchain networks. It’s easy to see…

Paolo Ardoino Talks FTX, Adoption And Self-Custody With NewsBTC

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What happened here was not a mistake; it is not that they were hacked. They took several decisions to put at risk customer assets. The crypto industry saw dark days over the past week. FTX, the former second-largest exchange in the world, crumbled. The fallout continues to ripple across the industry, with FTX-backed companies filing for bankruptcy, users filing for lawsuits, and regulators sharpening their claws.  In this context, we sat with Paolo Ardoino, Chief Technical Officer (CTO) for Tether and crypto exchange Bitfinex to get his opinion about recent…

Tom Brady and other celebrities named in class-action lawsuit against FTX

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Former FTX CEO Sam “SBF” Bankman-Fried and a number of celebrities who endorsed FTX have been named in a class-action lawsuit filed on Nov. 15 in Miami.  Implicated in the class-action lawsuit are celebrities, athletes and teams, including Tom Brady, Gisele Bundchen, Steph Curry, the Golden State Warriors, Shaquille O’Neal, Udonis Haslem, Larry David and all other parties who either “controlled, promoted, assisted in, and actively participated in” FTX Trading LTD and West Realm Shires Services Inc. According to the filed court documents, Edwin Garrison, the plaintiff, purchased and funded…

US House Committee to Investigate and Hold Bipartisan Hearing on FTX Collapse – Bitcoin News

The U.S. House Financial Services Committee is planning to investigate the FTX collapse, according to a joint press release published by the committee’s chair Maxine Waters and representative Patrick McHenry. Furthermore, a congressional hearing is scheduled to take place in December, according to the joint statement. Bipartisan Congressional Hearing to Be Held in December Over the FTX Fallout On Wednesday, Nov. 16, 2022, congresswoman Maxine Waters (D-CA) and representative Patrick McHenry (R-N.C.), published a joint statement that says a bipartisan hearing has been announced that will investigate the “collapse of…

DeFi platforms see profits amid FTX collapse and CEX exodus

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A week after the fallout from the FTX and Alameda chaos, some on-chain data points are interesting to observe. Although record amounts of Bitcoin (BTC) and Ether (ETH) are leaving the exchanges, not all decentralized applications (DApps) and protocols have shown growth, mainly due to reliance on FTX and Alameda.  DeFi earnings highlight positive revenue for some protocols According to Token Terminal’s earnings leaderboard, in the last seven days, three protocols had revenue above $1 million. Ethereum led the on-chain earnings with over $8.5 million total, a sign of strong post-Merge…

This Firm Offers 8 To 12 Cents On A Dollar Of FTX User Deposit Claims

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The FTX crisis has escalated into a legal battle between bankrupt crypto exchanges and firms whose assets are stuck on its platform. Before FTX froze assets withdrawal, many crypto firms couldn’t recover their funds from the exchange. As a result, many firms have announced a potential financial crisis if their funds remain unrecovered. Several Users are in a panic due to their funds. However, the latest report revealed that Cherokee Acquisition, a distressed asset investment firm, has given users options to sell their credit claims. But the users can only…

Crypto Hedge Fund Ikigai Caught in FTX Collapse, Large Majority of Firm’s Total Assets Stuck on Exchange: Founder

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The crypto hedge fund Ikigai says most of its assets are stuck on the collapsed FTX digital asset exchange. Ikigai founder and Chief Investment Officer Travis Kling tells his 89,900 Twitter followers that they attempted to withdraw investor funds from the platform but failed in retrieving them in their entirety. “Unfortunately, I have some pretty bad news to share. Last week Ikigai was caught up in the FTX collapse. We had a large majority of the hedge fund’s total assets on FTX. By the time we went to withdraw Monday…